7,417 Shares in Nuvalent, Inc. (NASDAQ:NUVL) Purchased by Virtu Financial LLC

Virtu Financial LLC purchased a new stake in shares of Nuvalent, Inc. (NASDAQ:NUVL - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,417 shares of the company's stock, valued at approximately $759,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NUVL. FMR LLC lifted its stake in Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company's stock valued at $987,640,000 after buying an additional 786,257 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Nuvalent by 65.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company's stock valued at $103,511,000 after purchasing an additional 400,402 shares during the last quarter. Samlyn Capital LLC purchased a new stake in shares of Nuvalent in the 2nd quarter valued at approximately $17,397,000. Logos Global Management LP acquired a new stake in shares of Nuvalent during the 2nd quarter worth approximately $14,793,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company's stock valued at $26,409,000 after buying an additional 155,276 shares during the period. Hedge funds and other institutional investors own 97.26% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. The Goldman Sachs Group raised Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. UBS Group assumed coverage on Nuvalent in a research report on Thursday, October 24th. They set a "neutral" rating and a $100.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, October 4th. Guggenheim increased their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. Finally, Wedbush reissued an "outperform" rating and issued a $115.00 price target on shares of Nuvalent in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $112.60.

Insider Buying and Selling at Nuvalent

In related news, insider Darlene Noci sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $101.74, for a total transaction of $508,700.00. Following the transaction, the insider now owns 33,300 shares in the company, valued at $3,387,942. This trade represents a 13.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the completion of the sale, the director now owns 226,522 shares of the company's stock, valued at approximately $23,275,135.50. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,090,795 shares of company stock worth $204,498,241 over the last ninety days. Corporate insiders own 12.52% of the company's stock.

Nuvalent Price Performance

Shares of NUVL stock traded up $0.04 during trading hours on Friday, reaching $86.86. 840,855 shares of the stock were exchanged, compared to its average volume of 434,280. The business's fifty day moving average is $94.91 and its two-hundred day moving average is $86.56. The firm has a market capitalization of $6.17 billion, a P/E ratio of -25.03 and a beta of 1.31. Nuvalent, Inc. has a 12-month low of $61.79 and a 12-month high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.93) by ($0.35). During the same quarter last year, the business posted ($0.59) EPS. As a group, equities research analysts predict that Nuvalent, Inc. will post -3.84 earnings per share for the current fiscal year.

About Nuvalent

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.